Cardano breaches a mid-range level - Will shorting yield more gains
was stuck in the $26k zone, exposing the rest of the altcoin market to elevated short-term selling pressure.ADA has been fluctuating between $0.3538 – $0.3791 since 8 May. Between Monday and Tuesday , ADA hiked over 5%, rising from $0.3560 to $0.3757.
However, the mild bullish momentum tapered off as U.S. debt ceiling negotiations dragged on. The rally eased and breached the mid-range level of $0.3664. Bulls hadn’t reclaimed the level as of press time, reiterating sellers’ control. The RSI was below the neutral line, at the time of writing, highlighting sellers’ leverage. On the other hand, the accumulation/distribution indicator rose from 10 May but wavered in the past two days, confirming increased selling pressure recently.Alternatively, near-term bulls could gain traction if ADA closes above the mid-range . Such a move could tip them to retest the range high of $0.3791.
With only a few days left to June, bulls could face difficulty reversing recent losses or breaching above the range if BTC’s weakening persists.
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